Ann: QBE ANNOUNCES SALE OF AUSTRALIAN AGENCY BUSINESSES, page-8

Sycophant - the final sale price is in the range from A$232 million to A$348 million. 16x EBITDA might be a massive stretch if you look at any similar deals done recently.

If you are still doubting - then here is a detail from page 56 of SDF's acquisition pres:

Final consideration payable for the QBE Agencies is subject to a potential adjustment:
•The final consideration payable by Steadfast for the QBE Agencies is subject to a “rise and fall mechanism”. Under this arrangement Steadfast may be required to make a further payment to QBE in approximately two years’ time in the event that certain financial performance hurdles are achieved by the QBE Agencies businesses. There is a risk that Steadfast may be required to pay an additional amount to QBE under the “rise and fall mechanism”. In the event that QBE is required to make a payment to Steadfast, that is, in the event that certain financial performance hurdles are not achieved by the QBE Agencies businesses, there is a risk of this being disputed by QBE and, as with any contractual arrangement, there remains counterparty risk in relation to this contractual obligation. If QBE does not pay any amount it is required to pay to Steadfast, there would be an adverse impact on Steadfast’s financial position and performance.